Forward Industries owns 6,910,568 SOL coins worth $917.42 million, down from a purchase cost of $1.59 billion, resulting in unrealized losses of $668.73 million.
Approximately 79.6% of the circulating supply of Solana is currently held at a loss at $126.9, reflecting the widespread pain across the SOL market after its decline from the highs of November 2024.
Forward Industries' recent transfer of 1.727 million SOL to a custody wallet was later moved back to storage, indicating a portfolio restructuring rather than capitulation.
Forward Industries, the largest institutional holder of Solana with over 1.1% of the total supply, is currently facing unrealized losses of $668 million. The drop in SOL's price has left about 80% of its circulating supply underwater, highlighting the significant risks for digital asset treasury companies.
This sharp reversal underscores the increasing pressure on institutional crypto strategies amid worsening market conditions.
Forward Industries' massive position in SOL faces significant losses
Forward Industries (NASDAQ: FWDI) holds 6,910,568 SOL, representing about 1.124% of the circulating supply of Solana. CoinGecko data shows that the treasury value for SOL is now $917.42 million, down from a purchase cost of $1.59 billion. An average purchase price of $230 per SOL has resulted in an unrealized loss of $668.73 million, or 42.2%.
The company began its Solana treasury strategy in September 2025. According to an official release from BusinessWire, Forward Industries initially purchased 6,822,000 SOL at around $232 per token, for a total investment of $1.58 billion. Its holdings increased slightly, with a recent disclosure on November 15, 2025, confirming it holds 6,910,568 SOL in treasury.
Source: BeInCrypto
The company's stock price declined alongside its digital assets, from a peak of $40 to $8.17. Billions have been wiped off shareholder value. Today, Forward Industries has a market capitalization of $706.38 million—less than the value of its SOL holdings.
The structure of the SOL market reveals widespread pain
These losses are part of a larger market downturn. Glassnode data reveals that approximately 79.6% of the circulating supply of SOL—around 478.5 million tokens—is currently being traded at a loss at a price of $126.9. These figures confirm how heavily the market was congested before the current downturn.
Many investors and institutions joined the SOL rally in late 2024 and early 2025. Solana's all-time high was $263.2 in November 2024, according to Oak Research, with a 41.4% increase that month. However, the price has since declined by more than 50% from its peak.
This move comes despite Solana showing strong fundamentals. In November 2024, Solana surpassed Ethereum in monthly fee revenue for the first time, with fees rising by 171% to approximately $200.69 million. Total value locked increased by 73% to $11.4 billion, making Solana the second-largest blockchain in the world by TVL.
The percentage of SOL supply in profit is dropping as the price shrinks from its highs. Source: Glassnode
Wallet movements spark speculation
Recent activities on the blockchain have raised questions about Forward Industries' approach. The company executed a significant joint deal with Solana, transferring 1,727 million SOL valued at approximately $219.32 million to wallet address 552ptg. However, these funds soon returned to the company's participation account, indicating that no sale occurred.
Market watchers see this as a restructuring of the portfolio, not capitulation. The company continues to stake SOL to generate yields while maintaining its position. Although it added 38,968 SOL last month, Forward Industries has not significantly changed its treasury strategy.
Transferring 1,727M SOL belonging to Forward Industries to the custodial wallet shows portfolio management activity. BeInCrypto
Forward Industries' situation is markedly different from other digital asset treasury companies. Market data shows that Strategy holds 649,870 BTC, purchased at an average of $74,433, with an unrealized gain of $6.15 billion—a gain of 12.72%. Meanwhile, Bitmine owns 3,559,879 ETH, bought at an approximate price of $4,010 each, facing an unrealized loss of $4.52 billion or 31.67%.
This disparity highlights the volatility that treasury companies for digital assets can face. Galaxy research indicates that DATCOs hold over $100 billion in digital assets, with Bitcoin-focused companies holding $93 billion and Ethereum-focused companies holding over $4 billion. On the flip side, these companies can increase volatility due to their large exposures, sometimes with leverage.
Market dynamics and future outlook
Open interest in Solana futures has stabilized around 8 million contracts after periods of volatility, indicating a phase of consolidation. When open interest is steady and prices are declining, it often signals a lack of conviction and potential liquidations. As a result, traders are showing caution, waiting for potential catalysts for a rebound.
Forward Industries, led by President Kyle Samani and based in the United States, continues its commitment to Solana's treasury strategy despite significant losses. The company's future depends on Solana's ability to recover and establish new support.
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